Cassidy: Higher Social Security COLA Makes Action on Insolvency Even More Urgent

WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) joined Fox Business to discuss Social Security’s projected insolvency in six years, with a proposed benefit cut of up to 28.5 percent. Cassidy also discussed the 2027 Social Security cost-of-living adjustment, which is $75 more per beneficiary. Cassidy warned that the increase in benefits means the Social Security Trust Fund could run out of money sooner than predicted if Congress fails to act. “We now have five and a half years until the trust fund goes empty, at which point by law, there will be a 28.5 percent benefit cut, or Congress ignores the law and starts to borrow money like crazy to pay benefits. The clock is ticking,” said Dr. Cassidy. “The fact that the COLA is that much higher obviously reflects recent inflation, but I think it’s going to drain the trust fund that much faster,” continued Dr. Cassidy. Background Cassidy has been outspoken in the media on the need to rescue Social Security from insolvency. He has outlined his plan to create a sovereign wealth fund independent of the Social Security Trust Fund. He has written extensively on his proposal in the Washington Post , the Wall Street Journal , State Affairs , and the Washington Examiner . On the U.S. Senate floor, Cassidy has repeatedly called on Congress to act to save the program, and challenged the U.S. Senate to stop being good politicians and start being good senators. ###